Credit, Collections & Insolvency News
Data-driven technology company Connected Data has announced that it has partnered with global fraud fighter, SEON, to introduce data and techniques successfully used in fraud detection and prevention, to the debt management process. SEON’s approach to fraud prevention involves the aggregation of information in near real-time from over 20 social media platforms – the widest range…
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UK Finance analysis of nearly seven thousand authorised push payment (APP) scam cases shows that 70 per cent of scams originated on an online platform — highlighting the internet’s significant role in enabling fraud. The new analysis comes as the government published the draft Online Safety Bill this week, to include user-generated content on social…
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The Government has announced that internet laws, as part of the draft Online Safety Bill, will include measures to tackle user-generated fraud. The proposed change will mean online companies will, for the first time, have to take responsibility for tackling fraudulent user-generated content, such as posts on social media, on their platforms. This includes romance…
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New research from TransUnion has found that a third (33%) of consumers say they have been targeted in a digital fraud attempt related to Covid-19 in the last three months, though just 4% fell victim to the scams. The report says that this represents a steady increase from when the pandemic began, with just under…
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UK Finance is calling for a change to the process of reimbursing so-called ‘no blame’ cases of authorised push payment (APP) scams under the voluntary industry Code, bringing in a simplified process that enables signatory banks to individually payback cases rather than through a shared central pot. This new process comes as the industry renews…
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Credit Connect’s hosted its first-ever Online Lending Technology Think Tank last week which saw lending strategies and the future of the sector discussed by thirteen leading professionals from a variety of lending sectors. The themes of fraud, open banking, credit risk and the future of lending were discussed by panellists and Chair Chris Warburton from…
Read moreComplaints about fraud made to companies in the finance sector were up by almost a third (29%) in 2020, according to Resolver’s latest research. The Fraud complaint figures rose by 29% to hit more than 3,600 in 2020 with the report revealing that accounts being opened fraudulently using fake identification, from bank accounts to payday…
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One in ten consumers thinks their identity has been stolen according to a new study by FICO. The company’s identity proofing and digital banking survey shows identity theft is a tangible threat for people in the UK – 4 percent said they know their identity has been stolen and used by a fraudster to open…
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New research from Experian has found that consumers no longer believe passwords are the most secure method for authentication. Experian says that the research found that since the pandemic, consumers have an increasing level of comfort and preference for physical and behaviour-based, or invisible methods of security and that. for the first time in four…
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A new report from analytics company FICO has revealed that working from home over the pandemic has negatively impacted fraud protection, with 79% of banking executives saying there was a high or major impact. A further 49% of respondents said it was a major challenge having multiple systems for managing fraud and financial crime Toby…
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UK consumers lost a record £479 million last year to scammers according to new figures from UK Finance. The report showed that criminals turned to online and technology-enabled scams to exploit people’s fears about the Covid-19 pandemic. Impersonation scam cases, in which criminals impersonate trusted organisations to trick victims into handing over their money, almost…
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The Financial Conduct Authority (FCA) has announced that it has commenced criminal proceedings against National Westminster Bank (NatWest) over allegedly failing to comply with money laundering rules (Money Laundering Regulations 2007. The FCA alleges that NatWest failed to adhere to the requirements of regulations 8(1), 8(3) and 14(1) of MLR 2007 between 11th November 2011…
Read moreYoung people whose job prospects have been impacted by the pandemic are being targeted online by criminals looking to recruit money mules to launder the profits of their crimes, UK Finance and Cifas have warned. The latest research from Cifas has revealed there were 17,157 cases of suspected money muling activity involving 21-30 year olds…
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